Well the "undercarriage" is all the external moving parts that are used to move the dozer. So sprockets, rail (chain), pins and bushings, pads (grousers), rollers, front idler, top idler. The easiest things to check are how pointy the sprocket tips are (they should not be pointy), how thin the contact surface of the rail is (varies by manufacturer), and whether the bushings are round or not(should be pretty round on the outside). There are all kinds of other specs like measuring the distance between the pins, and the height of the grouser bars. If you are fortunate, you will be able to inspect the rollers. The rollers are the small wheels that actually carry the weight of the dozer on the tracks, they should all be round and roll, there should be 5 or more of them on each side sometimes hidden by the track frames.
When they say 30% undercarriage they mean 30% reamaining, if they say 30% worn then you have 70% remaining. Generally people pull this percentage right out of their keesters since all but the most **** do not have the charts for the particular machine. I wouldn't want anything that was supposed to have less than 50% remaining.
But really, in the end, as long as the tracks don't come off then it will work.